eToro buys blockchain business Firmo

By Roger Baird on Tuesday 26 March 2019

Savings and Investment

eToro said the move will increase the amount of trade running through its platform.

Trading platform eToro said it has agreed to buy blockchain business Firmo to boost the amount of tokenised financial assets running through the business.

eToro chief executive and co-founder Yoni Assia said the move by the Tel Aviv-based business aims to “accelerate the growth of our tokenised assets offering.”

The Israeli business, founded in 2007, adds that an important part of the deal is that it brings on the Copenhagen-based firm’s research and development department.

Firmo, founded in 2017, runs a programming language called FirmoLang. Exchanges can use FirmoLang to create financial instruments, such as peer-to-peer lending platforms or cryptocurrency derivatives with tokens. The programme is versatile, allowing the tokens to be run on any blockchain.

Assia added: “The Firmo team has done ground-breaking work in developing practical applications for blockchain technology which will facilitate friction-less global trading. The adoption of smart contracts on the blockchain increases trust and transparency in financial services.”

Earlier this month, eToro  launched a cryptocurrency trading service in 32 US states offering trading in Bitcoin and 12 other options.  

The platform has more than 10 million users in Europe, Asia and the Middle East and has raised around $162m in funding.

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